New Delhi : There are discussions in every section of the May Vandan scheme launched by LIC across the country. who wish to invest. In such a situation, we are bringing you the complete update and correct information of this scheme. Because it was decided to discontinue this scheme earlier. But by passing it in the Union Cabinet, the date for investing in it by increasing its limit is March 2023.
What will happen in the Prime Minister’s Vaya Vandana Yojana..
1 This scheme is not a tax saving scheme.
2 This scheme is an investment scheme.
All citizens who are retired or above 60 years of age can invest up to Rs 1500000 before March 31, 2023.
4 On the basis of investment, a pension of ₹ 1000 to ₹ 9250 per month will be provided to the citizens.
5 Returns received through this scheme are taxed as per the prevailing tax laws and the rate of tax as applicable from time to time.
Apart from this, this scheme has been given exemption from GST.
7 All general insurance insurance attracts 18% GST on Tom Insurance.
8 But GST is not levied on Pradhan Mantri Vaya Vandana Yojana.
9 The deduction under section 80C of the Income Tax Act cannot be claimed by a citizen investing under this scheme.
Pradhan Mantri Vaya Vandana Yojana Minimum and Maximum Pension Amount
Mode of Pension Minimum Pension Maximum Pension
Annual Rs 12,000 Rs 1,11,000
Half yearly Rs 6,000 Rs 55,500
Quarterly Rs 3,000 Rs 27,750
Monthly Rs 1,000 Rs 9,250
Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per annum and Rs 1,62,162 to get a minimum pension amount of Rs 1000 per month.
Under the Pradhan Mantri Vaya Vandana Yojana, a pension of 1000 to 10,000 rupees is also available. Under this PM Vaya Vandana Scheme 2022, pension is ensured with a guaranteed annual returns of 8% for 10 years. By increasing the investment limit, the senior citizen will get 10 thousand rupees per month while the minimum 1000 rupees pension amount is guaranteed. Actually, only the amount of interest is received in the form of pension.
It means if you have deposited Rs 15 lakh, then it will get interest of Rs 1 lakh 20 thousand per year at the rate of 8%, this amount of interest on monthly basis. 10 – 10 thousand rupees will be given every quarter by doing 30000 -30000 rupees and 2 times in a year by doing 60000 -60000 rupees or once in a year by 120000 rupees.